In this episode of The Learning Corner by Precursor, hosts Mia Farnham and Charles Hudson dive into the week’s most thought-provoking articles and trends shaping tech, venture capital, and the future of work.

They explore the growing tension between AI advancement and labor displacement, discussing how automation is reshaping entry-level jobs and what it means for the next generation of workers. The conversation also unpacks the realities behind “bridge rounds” in startup funding—when they work, when they don’t, and what founders and investors should consider before doubling down.

Finally, Mia and Charles break down the DOJ’s antitrust investigation into Google’s acquisition tactics in the AI space, and what these new “acqui-license” deals mean for founders, incumbents, and the broader tech ecosystem.

Tune in for candid insights, practical advice, and a behind-the-scenes look at the decisions shaping tomorrow’s economy.

(0:00) Introduction to the episode and AI's impact on labor

(3:50) The venture capitalist's role in economic shaping and consistency in business

(7:37) Bridge rounds in venture capital: Analysis and advice

(15:55) Antitrust concerns and Google's AI strategy

(19:19) Closing remarks and thanks to listeners

This week, Mia, Charles and Leon break down three timely topics shaping the future of venture and technology:

VC Exit Math is Changing: David Clark (VenCap) expands on Packy McCormick’s analysis of billion-dollar exits, showing how top-tier venture returns are moving from $1B to $20B+ outcomes. We explore what this shift means for fund pacing, graduation rates, and why mid-sized funds are feeling the squeeze.

“Vibe Investing” & Perishable Knowledge: Collin Wallace (Lobby Capital) dives into AI’s impact on investor behavior and startup creation. We talk about the limits of pattern recognition, the risk of thesis mimicry, and why real conviction still requires “showing your work.”

Was Advertising the Web’s Original Sin?: Ben Thompson’s latest Stratechery essay revisits internet economics in the age of AI. We unpack the idea of an “agentic web,” what AI-native payments might look like, and how stablecoins could become critical for creator monetization.

(0:12) Introduction and episode overview

(1:28) Venture exit values, fund size, and returns

(4:18) Advising founders and team assessment in venture investing

(6:46) Vibe Investing, AI's role in venture decision-making, and perishable founder knowledge

(12:11) Showing your work in investing and Ben Thompson's essay on advertising and AI

(16:22) The future of digital content: Agentic web, AI native payments, and monetization challenges

(19:52) Closing remarks

In this episode we unpack three topics across the VC/Startup ecosystem:

AI Is Coming for Jobs, And CEOs Are Finally Saying It:

Fiverr CEO Micha Kaufman recently published one of the most candid memos we’ve seen, acknowledging AI’s very real disruption of the gig economy. We talk about what happens when leaders stop spinning AI as pure efficiency, and start confronting what’s being lost.

The Myth of the AI-Native Startup:

Why are so many “AI-native” companies failing to deliver meaningful results? We discuss Casey Newton’s piece on the reality of these startups, how investor FOMO is outpacing ROI, and what lessons from SaaS might apply as the hype cycle matures.

Why Specialist Funds Lose Their Edge After Fund I:

Nick Moran shared a sharp LP take: specialist funds often outperform early, but lose discipline as they scale. We debate whether today’s real arbitrage might be outside of AI entirely, and what long-term evolution really looks like in venture.

The Myth of the AI-native Startup by Casey Newton

LP View of Specialist Fund I Performance by Nick Moran

(0:00) Introduction and host backgrounds

(0:12) Welcome to the Learning Corner

(0:45) AI's impact on gig work and CEO perspectives

(5:42) AI native startups and investment expectations

(11:37) Specialist VC funds and SaaS success stories

(15:47) The challenge of marketing a generalist fund

(16:37) Closing remarks and thanks

In this episode of The Learning Corner, we explore founder frustrations with venture capital and the concept of VC prenups. The discussion transitions into the blurring lines between venture capital and private equity, examining their structural differences. We delve into the evolution of venture capital, focusing on profitability and LightSpeed Venture Partners' shift to RIA status. The conversation highlights the impact of RIA status from the perspective of founders and the trend toward diversified VC firms. We also discuss the sustainability of mid-sized venture funds, with insights from The Information's AI event, and examine consumer behavior and the integration of AI into daily life.

Lightspeed Is Latest Firm to Shift Away from Classic VC Model by Bloomberg

Financing the AI Revolution: The Highlights by The Information

(0:00) Founder frustrations with venture capital and VC prenups

(1:39) Blurring lines between VC and PE, including structural differences

(5:26) Evolution of venture capital, profitability, and LightSpeed Venture Partners RIA shift

(10:03) Impact of RIA status and founders' perspective on diversified VC firms

(12:58) Sustainability of mid-sized venture funds and insights from The Information's AI event

(17:25) Consumer behavior and integration of AI into daily life

In this episode of The Learning Corner, we delve into the impact of AI enthusiasm and tariffs on tech businesses, exploring how these factors are reshaping the landscape. Charles Hudson shares insights on talent retention challenges faced by startups. The conversation shifts to Plaid's potential public offering and the considerations for venture capital returns. We also discuss liquidity and secondary opportunities available to limited partners. The episode examines tariffs and their economic effects on startups. The episode concludes with final thoughts on the broader implications of tariffs.

Winning Fast in Venture by Josh Kopelman

How Are US Consumers and Firms Responding to Tariffs? by Apollo

(0:00) The impact of AI enthusiasm and tariffs on tech businesses

(0:52) Talent retention challenges and insights from Charles Hudson

(5:00) Plaid's potential public offering and VC returns considerations

(11:28) Liquidity and secondary opportunities for LPs

(14:08) Tariffs and their economic effects on startups

(18:38) Final thoughts on tariffs' impact on e-commerce platforms

(19:17) Sponsor: ${name}

In this episode of The Learning Corner, we begin with an introduction and welcome before diving into Ed Sim's insights on the "Enterprise Agent Hunger Games." The discussion explores the dynamics of enterprise software, the challenges posed by AI, and the competitive landscape. We examine how founders can build for scale and sustain AI tools within enterprises. The conversation shifts to reframing board meetings and Precursor's approach to supporting founders. We also touch on Halle Tecco's decision to move away from angel investing after years in the ecosystem.

Reframing the Board Meeting: It’s Not a Performance Review by Jeffrey Silverman

Why I Stopped Angel Investing by Halle Tecco

(0:12) Introduction and welcome

(0:45) Enterprise agent hunger games by Ed Sim

(1:21) Dynamics of enterprise software, AI challenges, and competitive landscape

(4:18) Founders building for scale and sustaining AI tools in enterprises

(7:07) Reframing the board meeting and Precursor's support for founders

(15:43) Holly Teko's departure from angel investing and running a venture fund

(20:12) Closing remarks and invitations to like and subscribe

In this episode of The Learning Corner, we kick off with an introduction and overview before diving into a consolidated discussion on Fund Ones and the factors that contribute to VC success. The conversation explores how VC firms are evolving into media companies and the importance of content strategy. We also delve into the patience and emotional aspects of early-stage venture capital, highlighting market conditions and portfolio management challenges. The episode wraps up with closing remarks and expressions of gratitude.

The Next Great VC Firm Will be Built like a Media Company by Paul Smalera

Patience Across Early Stage Venture by Jenny Fielding

(0:00) Introduction to the episode and overview

(1:29) Consolidated Discussion on Fund Ones and VC Success Factors

(6:22) VC Firms as Media Companies and Content Strategy

(16:55) Patience and Emotional Aspects of Early Stage VC

(19:08) Market Conditions and Portfolio Management in VC

(19:37) Closing remarks and thank yous

In this episode of The Learning Corner, the discussion begins with an overview of AI fever and its profound implications for startups. We examine the rise of tourist founders and the role of venture capital in the AI boom, along with the mounting pressure on companies to pivot towards AI. The conversation shifts to the new phenomenon of senior partner departures from larger funds across the ecosystem.

Opportunism by Sriram Krishnan

Many senior venture capitalists are leaving big firms. Insiders boil it down to a few reasons

(0:00) Introduction to the Learning Corner podcast

(0:44) AI fever and its implications for startups

(7:17) Tourist founders and VC's role in AI

(12:08) Navigating the pressure to pivot to AI

(13:11) High-profile VC exits and their effects

(18:56) Continuation of VC partner departure impacts

This episode of The Learning Corner delves into the dynamics between founder quality and market conditions. An introduction to the podcast sets the stage for a discussion on Bradley Tusk's venture fund evolution, highlighting the hybrid model's impact. The roles and innovations in fund management are explored, emphasizing the balance between meaningful support and marketing in venture funds. The conversation then shifts to platform resources and strategies for navigating overheated markets. The episode also examines adjustments in AI investment strategies, addressing price sensitivity and the emotional commitment required in investments.

Learnings From The Last Overheated VC Market by Rob Bo

(0:00) Founder quality and market conditions

(0:11) Introduction to the Learning Corner podcast

(0:42) Bradley Tusk's venture fund evolution and the hybrid model

(2:07) Roles and innovations in fund management

(4:43) Meaningful support vs. marketing in venture funds

(7:35) Platform resources and overheated market strategies

(11:23) AI investment strategy adjustments

(13:00) Price sensitivity and emotional commitment in investments

In this episode of The Learning Corner, we dive into the venture ecosystem, focusing on optics versus nuance and founder expectations. We explore acqui-hires, small exits, and alternative startup paths, emphasizing transparency. A controversy around an AI sales startup sparks a discussion on founder honesty. We also discuss capitalizing on arbitrage windows, challenges for specialists, and investing in out-of-favor categories like African fintech. The debate continues on AI-focused funds and the generalist versus specialist approach in venture capital, concluding with thoughts on supporting individual contributors.

a16z- and Benchmark-backed 11x has been claiming customers it doesn’t have by TechCrunch

Venture Manager Selection: Capitalising on Arbitrage Windows by Jordan Nel

(0:00) Introduction and episode overview

(1:00) Venture ecosystem insights: optics vs. nuance and founder expectations

(2:58) Acqui-hires, small exits, and alternative startup paths

(6:45) Transparency in the startup and venture ecosystem

(8:49) 11x AI sales automation startup controversy and founder honesty

(17:31) Venture capitalizing on arbitrage windows and the specialist challenge

(20:09) Investing in out-of-favor categories and African fintech

(21:17) AI-focused funds and the generalist vs. specialist debate in venture capital

(23:18) Backing individual contributors and closing remarks